
Online Resources Cited Among Fastest Growing Technology Firms
Named to Technology Fast 500 by Deloitte & Touche for Third Year in a Row
MCLEAN, Va., October 15, 2003
Online Resources Corp. (Nasdaq: ORCC), a leading outsourcer of Internet banking and payment services, today announced it has been named one of the nation's 500 fastest growing technology companies by Deloitte & Touche for the third year in a row. The 2003 Deloitte & Touche Technology Fast 500 rankings are based on percentage revenue growth over five years, from 1998-2002, during which Online Resources grew 648 percent.
"Credit belongs first to our base of over 500 financial institution clients", stated Matthew P. Lawlor, chairman and chief executive officer of Online Resources. "With their spirit of partnership, we have collectively achieved tremendous growth in consumer adoption of our Internet banking and payment services. Thanks also goes to our staff, partners and investors for helping us consistently deliver high service quality, cutting edge technology, and a shared success relationship with our clients. I believe we stand well positioned for the future, as remote delivery of financial services moves even further into the consumer mainstream."
"Because the Deloitte Technology Fast 500 measures sustained revenue growth over five years, being one of the 500 fastest growing technology companies in North America is an impressive achievement," said Mark Evans, national managing partner of Deloitte's Technology, Media & Telecommunications Group. "Online Resources deserves a lot of credit for its remarkable growth."
Fast 500 Selection and Qualifications
The Fast 500 list is compiled from Deloitte's 20 regional North American Fast 50 programs, nominations submitted directly to the Fast 500, and public company database research. To qualify for the Fast 500, entrants must have had 1998 operating revenues of at least $50,000 USD and $75,000 CD for the United States and Canada, respectively; and 2002 operating revenues must be at least $1 million USD or CD. Deloitte researchers examined financial statements to validate operating revenues.
Entrants must also be public or private companies headquartered in North America and must be a "technology company," defined as a company that owns proprietary technology that contributes to a significant portion of the company's operating revenues; or devotes a significant proportion of revenues to the research and development of technology. Using other companies' technology in a unique way does not qualify.
About Online Resources
Online Resources (Nasdaq: ORCC - www.orcc.com) is an outsourcer of Internet banking and payment services to over 500 financial institutions nationwide. In contrast to other providers, Online Resources owns, operates and drives critical banking, payments and marketing infrastructure that enable a superior customer experience and Internet channel success. The company's services, branded to our financial institution clients, power approximately 100 million transactions and $7 billion in consumer bill payments annually. Founded in 1989, Online Resources has been recognized as one of the nation's fastest growing technology companies.
About Deloitte
Deloitte, one of the nation's leading professional services firms, provides audit, tax, financial advisory services and consulting through nearly 30,000 people in more than 80 U.S. cities. The firm is dedicated to helping its clients and its people excel. Known as an employer of choice for innovative human resources programs, Deloitte has been recognized as one of the "100 Best Companies to Work For in America" by Fortune magazine for six consecutive years. "Deloitte" refers to Deloitte & Touche LLP and affiliated entities. Deloitte is the US member firm of Deloitte Touche Tohmatsu. Deloitte Touche Tohmatsu is a Swiss Verein (association), and, as such, neither Deloitte Touche Tohmatsu nor any of its member firms has any liability for each other's acts or omissions. Each of the member firms is a separate and independent legal entity operating under the name "Deloitte," "Deloitte & Touche," "Deloitte Touche Tohmatsu" or other related names. The services described herein are provided by the US member firm and not by the Deloitte Touche Tohmatsu Verein. For more information, please visit Deloitte's web site at www.deloitte.com/us.
This news release contains statements about future events and expectations, which are "forward-looking statements." Any statement in this release that is not a statement of historical fact may be deemed to be a forward-looking statement. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Specifically factors that might cause such a difference include, but are not limited to: the company's history of losses and anticipation of future losses; the company's dependence on the marketing efforts of third parties; the potential fluctuations in the company's operating results; the company's potential need for additional capital; the company's potential inability to expand the company's services and related products in the event of substantial increases in demand for these services and related products; the company's competition; the company's ability to attract and retain skilled personnel; the company's reliance on the company's patents and other intellectual property; the early stage of market adoption of the services it offers; consolidation of the banking and financial services industry; and those risks and uncertainties discussed in filings made by the company with the Securities and Exchange Commission, including those risks and uncertainties contained under the heading "Risk Factors" in the company's Form 10-K, latest 10-Q, and S-3 as filed with the Securities and Exchange Commission. These factors should be considered in evaluating the forward-looking statements, and undue reliance should not be placed on such statements.
Media Contact:
Beth Halloran
Director, Corporate Communications
703.394.5248
bhalloran@orcc.com
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